Janus Electric's Truck Conversion Contracts Ignite a Small-Cap Rally

Two major US contracts validated the company's swappable battery decarbonisation solution for heavy-duty trucks, though fund managers say execution is now the key test.

30 Sep 2026 · 2 min read

Janus Electric has been one of the ASX's most explosive small-cap stories, rallying more than 250 percent over three months after winning two major US contracts worth a combined A$55 million to convert diesel trucks to electric power, validating its swappable battery decarbonisation solution for heavy-duty transport.

A decarbonisation solution gathering material contracts

Cyan Investment Management said Janus Electric was among a number of holdings aggressively pursuing new material contracts, with the fund holding high expectations some would land in the coming weeks and months.

Two US contracts confirm the strategy

Cyan Investment Management said Janus Electric delivered the best outcome for the fund during the month, up 110 percent, after winning two major US contracts totalling A$55 million, a $10 million order and a $45 million order, to convert more than 100 trucks from diesel to electricity and supply the associated battery packs. To deliver the conversions, the company raised around $8 million in new capital, which Cyan's C3G Fund subscribed to, lifting its holding. NorthStar Impact Funds described Janus as a key heavy-duty transport decarbonisation solution, saying the company had multiple catalysts during July that increased validation of its go-to-market strategy and its ability to achieve 150 trucks on the road by mid-2027, following a very strong month driven by an improved order outlook for its swappable battery solution.

Janus Electric won two major contracts in the US totalling A$55m (a $10m order and a $45m order) to convert more than 100 trucks from diesel to electricity and provide the associated battery packs.

— Cyan Investment Management, Monthly Report, July 2026

A standout performer, even as some take profits

Cyan Investment Management named Janus Electric its standout August performer, driven by renewed investor interest following the two US contract wins, reiterating its view of Janus as a small company with a big future despite its still-modest market capitalisation, while acknowledging it has been trimming its position into recent strength. DMX Asset Management said its relatively new and fairly small position in the diesel-to-EV truck converter contributed positively as shares soared 68 percent, describing the story as very interesting but noting execution is now needed to realise its fullest potential, having purchased its initial small position via the July capital raise.

A small company with a big future, despite its still-modest market cap.

— Cyan Investment Management, Monthly Report, August 2026

What fund managers say they are watching next is execution on delivering the more than 100 truck conversions under the two US contracts, progress toward the target of 150 trucks on the road by mid-2027, further contract wins given the company's aggressive pursuit of new business, and whether Janus can convert its early validation into sustained order flow.